(A) The Commissioner of Accounts and Finance and the City Treasurer are responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the city are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objections are met. The concept of reasonable assurance recognizes that:
(1) The cost of the control should not exceed the benefits likely to be derived; and
(2) The valuation of costs and benefits require estimates and judgements by management.
(B) The internal controls shall address the following points:
(1) Control of collusion;
(2) Separation of transaction authority from accounting and record keeping;
(3) Custodial safekeeping;
(4) Avoidance of physical delivery of securities or other allowable investments;
(5) Clear delegation of authority to subordinate staff members;
(6) Written confirmation of telephone transactions for investments and wire transfers; and
(7) Development of a procedure for making wire transfers.
(1994 Code, § 40.14) (Ord. 99-03, passed 3-22-1999; Ord. 2017-07, passed 12-26-2017)